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Tolly Group just released their benchmark findings in the endless performance discussion. This time test methology and findings were approved by VMW, so it's no longer XenServer vs BrandX.
The bottom line: XenServer 5 outperforms VMware ESX 3.5 Update 3 by 41%.
[https://dl.getdropbox.com/u/17477/TollyGroup_XenServer_vs_VMware_%20Apr2009.pdf]
The Porsche of hypervisors? XenServer. [...] It outperformed Hyper-V and ESX in most categories.
You'll notice that we also did a separate test with ESX, using memory overcommit to determine the effect on performance. [...] so we felt it would be valuable to show you the performance hit on your datacenter while it's in use.
Keep in mind that Rick, the author, is a confirmed VMware man, and uses ESX extensively on his production network.[Keith Ward -- http://virtualizationreview.com/blogs/weblog.aspx?blog=3556]